Centrica price target lowered to 175 GBp from 190 GBp at Barclays

Barclays lowered the firm’s price target on Centrica (CPYYY) to 175 GBp from 190 GBp and keeps an Overweight rating on the shares. The firm says European utilities “remain in the foothills of a super-cycle.” Regulated is now Barclays’ preferred sub-sector and generators earnings “continue to unwind,” the analyst tells investors in a research note. Barclays sees possible upside surprises from balance sheet clarity, low European expectations and capacity payments.